Jun 13, 2025
Bitcoin as a World Decentralized Supercomputer
Stephen Perrenod | June 2025 | OrionX Analysis
This report will not be, and should not be thought of as monetary, funding, or authorized recommendation. The writer holds positions in MSTR and its most popular shares, in SMLR, MPLTF, and numerous Bitcoin ETFs, however no positions in mining shares.
World Adoption and Holdings
Because the Bitcoin regulatory atmosphere has change into more and more clarified and as Bitcoin adoption has continued apace, its adoption by governments and establishments has accelerated.
There are round 9 nation-states actively mining Bitcoin, together with Bhutan, El Salvador, Pakistan, Russia, UAE, and Venezuela. Pakistan is the latest; it has not too long ago introduced a 2 GigaWatt initiative for AI in addition to Bitcoin mining. Whereas sanctions avoidance is one motivation for some international locations, a broader motivation is to extend capital outdoors the US greenback system and independence from the necessity to borrow on the IMF.
This is similar motivation behind funding by sovereign wealth funds, together with these in a number of of the mining nations talked about above, but additionally Norway and Singapore. Past sovereign wealth funds, nations and their particular person provinces and states are starting to construct treasury holdings.
An important transfer up to now was the funding of the US Strategic Bitcoin Reserve with 207,000 confiscated Bitcoin now transferred from the Division of Justice to the Division…
